Governments around the globe are taking initiatives to reduce pollution levels, imposing rules on utilisation of conventional vehicles. Promotion of hybrid and electric vehicles by offering subsidies and incentives is also contributing to growth. This has led to a rise in adoption of electric vehicles, which in turn, has driven demand for car battery chargers globally. Future Market Insights (FMI), in its report, projects the global car battery chargers market to register a steady 5.1% volume CAGR during the forecast- 2017-2027. In 2017, 5,445 thousand units of car battery chargers are expected to be sold globally, and this number will reach 8,994 thousand units by 2027-end.
Growing Developments in Performance & Costs of Electric Cars to Drive Market Growth
Developments in the performance and costs of electric cars, and other benefits including pollution reduction, climate change mitigation, and diversification have been estimated to drive the adoption of electric cars, thereby influencing sales of electric car battery chargers. FMI’s report states that the sales of electric cars has witnessed a surge since 2010, with battery electric vehicles outselling plug-in hybrid electric vehicles. Sales of electric cars have witnessed a boom in China, through public-private and direct investment. Several public policies have encouraged the development of publicly accessible charging over the past few years. The aforementioned factors are expected to drive the growth of the market during the forecast period. In contrast, limited availability of charging stations, and increasing manufacturers of unorganised battery chargers with no regulations and norms are factors expected to affect the market growth.
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Automatic Charging to Remain Preferred Among Consumers
Based on charging type, automatic charging is expected to remain preferred during the forecast period. Sales of automatic charging equipment are expected to surpass 6,000 thousand units by 2027. The manual charging is projected to register 4.6% volume CAGR during the forecast period. Although sales of float chargers will be higher relatively, smart chargers are estimated to register the fastest growth through 2027. The growth of smart chargers is attributed to its stable demand in Western Europe and Eastern Europe regions, as well as surging demand for automatic and advanced car battery chargers globally. Trickle chargers are projected to exhibit the second largest CAGR among charger type.
Electric Car Battery Chargers to Hold the Largest Market Share by 2027
By product type, electric car battery chargers are expected to hold the largest market share; however, volume sales of car battery chargers will remain comparatively higher during the forecast period. The 12V-48V batteries are expected to retain their dominance over the global car battery chargers market throughout the forecast period, in terms of volume. In contrast, above-48V batteries are estimated to witness the highest CAGR, followed by up-to-12V batteries through 2027. The 12V-48V batteries will exhibit the lowest CAGR. Based on portability, portable chargers will remain dominant; however, plug-in chargers are projected to exhibit a comparatively higher volume CAGR through 2027.
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In terms of volume, North America is expected to witness the highest sales of car battery chargers during the forecast period, followed by Asia Pacific Excluding Japan (APEJ) and Western Europe. Rising environmental concerns and stringent emission norms imposed on vehicles in Europe and North America are expected to drive the sales of car battery chargers across these regions. APEJ is projected to become the most attractive market for car battery chargers by 2027-end.
Key players identified in FMI’s report include CTEK Holding AB, Delphi Automotive LLP, Schumacher Electric Corporation, Clore Automotive LLC, Baccus Global LLC, Robert Bosch GmbH, Current Ways Inc., AeroVironment, Inc., IES Synergy, Chargemaster PLC.